Elon Musk, the richest businessman in the world, said in his statement that he is open to the idea of purchasing the bankrupt US bank Silicon Valley Bank and turning it into a digital bank.
Elon Musk Open to Buying SVB and Turning it into a Digital Bank
Elon Musk answered a follower’s question in his statement on Twitter. He responded to Razer CEO Min-Liang Tan’s suggestion that “I think Twitter should buy Silicon Valley Bank and turn it into a digital bank” by saying that he is “open to the idea.”
I’m open to the idea
— Elon Musk (@elonmusk) March 11, 2023
As it is known, the sinking of Silicon Valley Bank cryptocurrency had a profound impact on the world. The price of the USDC token fell to $0.82 after it was discovered that USDC distributor company Circle was holding $3 billion from its reserves in this bank.
However, in addition to this, it is estimated that many more crypto companies have money in the bank in question.
Blockchain analytics firm Peckshield tweeted that Circle burned 2.7 billion USDC in 24 hours. Nansen confirmed the report and added that 70% of these burns were done in the last 8 hours.
Looking at Curve’s 3pool dashboard, it seems that investors prefer USDT and DAI over USDC. According to the data, USDT accounts for 1.57% of the reserve, while DAI accounts for 21.94%. At the time of this writing, 76.48% of the reserve consists of USDC tokens.
The largest crypto exchanges Binance and Coinbase said they would suspend the conversion of USDC, citing “market conditions”. Binance stated that this move is a “normal risk management procedure step”.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!